If you thought the financial hardships of raising a child were complete after college graduation, you’re wrong.
According to a recent survey by Upromise, the savings division of Sallie Mae, more than two-thirds of students (68 percent) expect mom and dad to financially support them after college graduation.
The interesting thing is that many parents are seemingly OK with it. In fact, 65 percent of those surveyed said they plan to keep their pocketbooks open to their kids for up to five years after graduation.
Many parents will keep more than their wallets open; they’ll also open their home to their college grads, Upromise said. About half of students said they’d be willing to pay rent to their ‘rents for a roof over their head, though just 24 percent of parents said they’d charge their adult college grads rent to live with them. Just 5 percent of parents said they’re not open to having their children move back into their home after graduation.
“Many of us assume that parents and teens have opposing viewpoints, especially on the subject of money, but these findings show that both generations are in sync when it comes to the challenges of preparing for college,” said Erin Condon, president of Upromise, in a statement.
Although parents acknowledge that getting a college education is important for their children, a recent report revealed that less than half are actually saving money for college. The biggest reason? Parents simply lack the money to put away.
Other survey highlights include:
- Just 2.8 percent of parents expect their grads to have a full-time job during college. About a tenth of students said they planned to work 30 or more hours a week while attending college.
- One-tenth of students are expecting to wait two or more years to get a job in their chosen field after they graduate.
- About 25 percent of parents think their child will have a job in their major field when they graduate from college.
Check out “Report: Millennials Relying Heavily on the ‘Bank of Mom and Dad.”
My parents provided me very little financial support when I attended college. And after graduation, I was entirely on my own. But I also didn’t ask them for support. I was 22-years-old when I graduated from college and believed that, as an adult, I should be self-sufficient. It was difficult at times, but I wouldn’t change it.
Do you, or did you, financially support your child after they graduated from college? Share your comments below.
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